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Fan Milk Q4 profit climbs YOY

Fan Milk Ltd. said its normalized net income for the fourth quarter came to 10 pesewas per share, a gain from 4 pesewas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.1 million cedis, a gain from 5.1 million cedis in the prior-year period.

The normalized profit margin increased to 11.9% from 8.2% in the year-earlier period.

Total revenue increased 51.0% year over year to 93.7 million cedis from 62.0 million cedis, and total operating expenses grew 36.6% year over year to 78.7 million cedis from 57.6 million cedis.

Reported net income increased on an annual basis to 13.2 million cedis, or 11 pesewas per share, from 4.8 million cedis, or 4 pesewas per share.

For the year, the company's normalized net income totaled 36 pesewas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 39 pesewas.

EPS rose from 12 pesewas in the prior year.

Normalized net income was 41.5 million cedis, an increase from 13.4 million cedis in the prior year.

Full-year total revenue increased 77.7% from the prior-year period to 315.4 million cedis from 177.5 million cedis, and total operating expenses rose 60.4% on an annual basis to 258.6 million cedis from 161.3 million cedis.

The company said reported net income rose year over year to 49.7 million cedis, or 43 pesewas per share, in the full year, from 15.0 million cedis, or 13 pesewas per share.

As of Feb. 24, US$1 was equivalent to 3.92 cedis.